Ivanhoe Electric (NYSEAMERICAN:IE) Hits New 52-Week Low – Time to Sell?

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $6.31 and last traded at $6.35, with a volume of 596969 shares changing hands. The stock had previously closed at $6.58.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on IE shares. Scotiabank cut their price objective on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a report on Monday, January 6th. Jefferies Financial Group reduced their price target on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. JPMorgan Chase & Co. dropped their price objective on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, Eight Capital upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th.

Ivanhoe Electric Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50. The firm has a market capitalization of $768.53 million, a price-to-earnings ratio of -4.01 and a beta of 0.78.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.02). Ivanhoe Electric had a negative net margin of 5,947.19% and a negative return on equity of 59.78%. The firm had revenue of $0.67 million for the quarter, compared to analyst estimates of $1.00 million. As a group, equities analysts forecast that Ivanhoe Electric Inc. will post -1.47 earnings per share for the current year.

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently bought and sold shares of IE. State Street Corp grew its stake in Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after purchasing an additional 1,558,467 shares in the last quarter. Mak Capital One LLC lifted its holdings in Ivanhoe Electric by 21.6% during the 2nd quarter. Mak Capital One LLC now owns 1,780,872 shares of the company’s stock worth $16,705,000 after buying an additional 316,903 shares during the last quarter. Raffles Associates LP grew its position in shares of Ivanhoe Electric by 70.0% in the 3rd quarter. Raffles Associates LP now owns 1,111,077 shares of the company’s stock worth $9,400,000 after acquiring an additional 457,479 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Ivanhoe Electric by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company’s stock valued at $5,946,000 after acquiring an additional 8,023 shares during the last quarter. Finally, Tidal Investments LLC raised its position in shares of Ivanhoe Electric by 14.5% during the 3rd quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock valued at $3,098,000 after acquiring an additional 46,345 shares in the last quarter. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.